Hudson Talbot, Shane-Longman's capital markets originator, is woken in the middle of the night by his colleague, Max Lubin, the Bank's Director of Swaps. Hudson is persuaded, reluctantly, to discuss what sounds like another of Max's unorthodox but possibly brilliant schemes.

Peter Longman is in ebullient spirits. As Shane-Longman's major shareholder, he has secured a deal with Tokyo-based Ikeda Bank to set up a joint venture. The signing of the agreement between the two banks is to be widely covered by the City press. Leonard Ansen is not so enthusiastic and believes Longman has rushed into the deal too quickly without considering the long-term implications of the tie-up. Ikeda executives give some indication of their desire to eventually take over Shane-Longman but walk away from the deal after being less than impressed by what they perceived as a lack of discipline in the dealing room.